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John Hardy, Saxo Bank's Head of FX Strategy, assesses possible market reaction to the results expected this Sunday of the latest and most comprehensive ECB stress tests. The markets seem to be finding it tricky to judge the outcome of the tests, John's view is that: "At issue is how many banks will be found to have insufficient capital for their operations. If a significant number of banks are deemed in need of raising capital, this is a negative for credit and for the euro as they will have to scrape around after capital and sell assets. Any larger institutions on the “fail” list would be an additional possible negative for the euro from this exercise."
03:25 minutes
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